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Radiation Curable Coatings Market 2024 - By Size, Demand, Trends, Top Companies, Growth Drivers And Forecast 2033
Radiation Curable Coatings Market
According to The Business Research Company's, the radiation curable coatings market size has grown strongly in recent years. It will grow from $7.67 billion in 2023 to $8.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to environmental regulations and voc compliance, demand for fast curing solutions, growing end-use industries, increased awareness of sustainability, performance benefits and enhanced durability.
The radiation curable coatings market size is expected to see strong growth in the next few years. It will grow to $10.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to continued regulatory emphasis on voc reduction, expansion of high-performance coatings market, growth in emerging applications, increased adoption in the packaging industry, demand for sustainable coating solutions. Major trends in the forecast period include focus on digital printing technologies, technological innovations in uv/eb systems, advancements in uv/eb technology, growing adoption in end-user industries, advancements in formulations and technology.
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Market Drivers and Trends:
The growing automotive industry is anticipated to fuel the radiation-curable coatings market going forward. The automotive industry refers to the design, manufacturing, and sale of vehicles, including cars, trucks, motorcycles, and other related vehicles and components. Radiation-curable coatings are used in automotive applications to provide fast-curing, durable finishes, enhancing efficiency and environmental sustainability in the coating process. For instance, in May 2023, according to the European Automobile Manufacturers Association (ACEA), a Belgium-based association, globally, 85.4 million motor vehicles were produced in 2022, an increase of 5.7% compared to 2021. Therefore, the growing automotive industry is driving the growth of the radiation-curable coatings market.
Major companies in the radiation-curable coatings market are focused on developing innovative coatings, such as TEGO Rad 2330 for radiation-curing coatings and inks, to address the high customer demand in the printing inks industry. TEGO Rad 2330 is a new, highly crosslinkable additive for radiation-curing coatings and inks. It is designed for use in a wide range of ink and varnish applications, as well as clear and pigmented wood coatings. For instance, in October 2023, Evonik Industries, a Germany-based specialty chemicals company, launched its TEGO Rad 2330, a highly cross-linkable additive for radiation-curing coatings and inks, offering benefits such as wetting, anti-crater properties, low foaming, and compatibility with traditional and UV-LED curing methods. It is specifically designed for inks, varnishes, and wood coatings. This product is characterized by several key features, including excellent substrate wetting, good slip properties, non-foaming, strong surface tension reduction, anti-crater effect, slip and release, and excellent low foaming.
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Major Key Players of the Market:
BASF SE, Bayer Material Science AG , The Sherwin-Williams Company, Evonik Industries AG, Covestro AG, PPG Industries Inc, Arkema Group, Akzo Nobel NV, Royal DSM NV, DIC Corporation, Axalta Coating Systems, Asian Paints, Ashland Global Holdings Inc, Yips Chemical Holding Ltd, Toyo Ink SC Holdings Co Ltd, Allnex Group, Lamberti SpA, IGM Resins BV, Miwon Speciality Chemical Co Ltd, Red Spot Paint & Varnish Co Inc, Dymax Corporation, Sartomer USA LLC, Bomix Chemie GmbH, Soltech Ltd, Sericol Ltd, Chugoku Marine Paints Ltd, Watson Coating Inc, Alpha Coating Technologies, Hempel A/S
Radiation Curable Coatings Market 2024 Key Insights:
• The radiation curable coatings market is expected to grow to $10.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Growing Automotive Industry Is Anticipated To Fuel The Radiation Curable Coatings Market
• Innovative Coating In Response To High Customer Demand
• North America was the largest region in the radiation curable coatings market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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